证券代码：300446 证券简称：航天智造 公告编号：2026-004 航天智造科技股份有限公司 关于控股股东、实际控制人的一致行动人股份减持计划 期限届满暨实施情况的公告 信息披露义务人中国乐凯集团有限公司保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人 提供的信息一致。 航天智造科技股份有限公司（以下简称"公司"或"本公司"） 2025 年 11 月 3 日披露了《关于控股股东、实际控制人的一致行 动人减持公司股份的预披露公告》，中国乐凯集团有限公司（以下 简称"中国乐凯"）计划自减持预披露公告之日起十五个交易日后 的三个月内，以集中竞价和大宗交易方式减持本公司股份不超过 21,135,252 股（占本公司总股本的 2.50%）。 公司于近日收到中国乐凯出具的《关于股份减持计划期限届 满暨实施情况的告知函》，股份减持计划期限已于 2026 年 2 月 24 日届满，现将有关情况公告如下： 一、股东减持情况 1. 股东减持股份情况 | 股东 | 股份来源 | 减持 | 减持期间 | | | 减持均价 | 减持价格区 | ...

Investment Rating - The report maintains an "Overweight" rating for the aerospace and military industry [8] Core Views - The successful controlled sea splashdown of the Long March 10 rocket's first stage marks a significant breakthrough in rocket payload capacity, which is crucial for the development of the commercial space sector and the acceleration of satellite deployment [1][11] - The report emphasizes the importance of reusable rocket technology in reducing launch costs and enhancing satellite internet construction, which is expected to benefit the satellite industry chain [15][12] Summary by Sections Industry Overview - The report highlights the advancements in China's reusable rocket technology, which is seen as a key factor in enhancing launch capacity and reducing costs, thereby accelerating satellite deployment [1][15] - The military modernization during the "14th Five-Year Plan" period is expected to shift from quantity to quality, creating structural opportunities in military equipment demand [2] Key Companies - Recommended companies include Torch Electronics, Hongyuan Electronics, AVIC Optoelectronics, Steel Research Nack, Gaode Infrared, Aerospace Intelligence, and AVIC High-Tech, all rated as "Buy" except for AVIC High-Tech, which is rated as "Hold" [3][37] - The report provides target prices for these companies, indicating strong growth potential based on their performance and market conditions [37] Market Performance - The report notes that the aerospace and military sector outperformed the market, with a 2.17% increase in the defense and military index, ranking 8th among 31 sectors [24] - The report includes a detailed analysis of stock performance, highlighting significant gainers and losers within the industry [9][10] Valuation Metrics - As of February 13, 2026, the Shenyin Wanguo defense and military sector index has a PE (TTM) of 97.40, indicating a high valuation relative to historical levels [29][34] - The report provides a breakdown of PE ratios for various sub-sectors within the military industry, indicating varying levels of valuation across different segments [29][36]

Investment Rating - The report maintains a "Buy" rating for the aerospace and military industry, with specific recommendations for several companies [8][42]. Core Viewpoints - The report emphasizes the increasing uncertainty in international security, highlighting opportunities in military trade as countries ramp up defense spending. For instance, the U.S. has approved military sales worth $6.67 billion to Israel and $9 billion to Saudi Arabia, indicating a vibrant military trade market [11][12]. - The report suggests that China's military equipment demand is expected to grow, particularly in new domains and advanced weaponry, aligning with the "14th Five-Year Plan" [13][17]. - The military trade market is anticipated to remain active, with China positioned as a key supplier capable of providing comprehensive solutions [11][12]. Summary by Sections Industry Investment Rating - The aerospace and military industry is rated as "Buy" with a focus on specific companies such as AVIC Shenyang Aircraft Corporation, Guorui Technology, and others [8][42]. Key Companies - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Western Superconducting Technologies (688122 CH) - Guotai Group (603977 CH) - Ruichuang Micro-Nano (688002 CH) - Steel Research and Testing (300797 CH) - Northern Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Rainbow (002389 CH) - Aerospace Intelligent Manufacturing (300446 CH) [3][42]. Market Trends - The report notes a structural shift in military equipment demand, with a focus on new technologies such as unmanned systems and advanced weaponry. The "14th Five-Year Plan" is expected to drive significant growth in these areas [13][15][16]. - The military trade market is projected to grow, with China's market share expected to increase from 5.87% to a more competitive position as global military spending rises [17][18]. Performance Metrics - As of February 6, 2026, the Shenyuan Defense and Military Index has a PE (TTM) of 95.29, indicating a high valuation relative to historical levels [39][40].

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense sector [8] Core Insights - The aerospace and defense industry is expected to experience significant recovery and growth in 2025, with 30 out of 75 listed companies forecasting positive earnings growth compared to the previous year [11][12] - The report highlights structural opportunities in military equipment demand during the "14th Five-Year Plan" period, focusing on new domains, unmanned systems, advanced weaponry, and low-cost equipment [14][16] Summary by Sections Industry Performance - As of January 31, 2025, 75 out of 120 listed companies in the defense sector have disclosed earnings forecasts, with 30 companies expecting positive growth, 7 expecting positive but declining growth, 17 expecting losses but reduced compared to the previous year, and 21 expecting increased losses [11][12] Key Companies to Watch - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Steel Research (300797 CH) - Guotai Group (603977 CH) - West Superconductor (688122 CH) - Ruichuang Micro-Nano (688002 CH) - Beifang Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Intelligence (300446 CH) - Aerospace Rainbow (002389 CH) [3][8][9] Earnings Forecasts - Notable companies with significant earnings growth forecasts include: - Beimo High-Tech: 1169% growth due to product delivery and cost reduction [12] - Hailanxin: 509% growth from increased self-produced products [12] - *ST Chengchang: 452% growth driven by industry recovery [12] - Zhimin Da: 414% growth from increased demand in previously established product lines [12] - Aileda: 351% growth from increased military and civilian product demand [12] Long-term Outlook - The report emphasizes the importance of new equipment construction cycles and suggests focusing on new products and markets during the "14th Five-Year Plan" [14][16] - The military trade market is expected to grow, with China aiming to increase its market share in global military trade [17] Market Trends - The report notes a decline in the defense sector index by 7.69% over the past week, underperforming the broader market [28] - The current PE (TTM) for the defense sector is 95.23, indicating a high valuation compared to historical levels [36] Investment Opportunities - The report suggests that companies involved in unmanned systems, low-cost munitions, and military AI are likely to see significant growth opportunities [16][18] - The commercial aerospace sector is also highlighted as a growing area, with advancements in satellite internet and low-altitude economy [18][25]

Core Viewpoint - The company, Aerospace Intelligent Manufacturing (300446.SZ), clarifies that its main business does not currently involve commercial aerospace, emphasizing the importance of investment risk awareness [1] Group 1: Business Focus - The company aims to leverage its core technologies and industry chain capabilities in sectors such as automotive components, oil and gas equipment, and high-performance functional materials [1] - The long-term goal is to build a world-class aerospace intelligent equipment manufacturing enterprise [1] Group 2: Strategic Direction - The company plans to actively seek synergies with the commercial aerospace industry chain [1] - There is a commitment to gradually strengthen, optimize, and expand the company's operations [1]

Core Viewpoint - The company, Aerospace Intelligent Manufacturing, is focusing on the transformation and application of aerospace technology in civilian sectors, particularly in automotive parts and oil and gas equipment [1] Group 1: Business Segments - The automotive parts business represents the application of aerospace mold technology in the civilian sector [1] - The oil and gas equipment business extends aerospace pyrotechnic technology into civilian applications [1] Group 2: Strategic Planning - The company has defined its strategic positioning as "rooted in aerospace, serving as a provider of intelligent equipment and services for both military and civilian sectors" [1] - The company aims to accelerate the integration of technology and applications towards "Aerospace+" and fusion fields, with a focus on extending products into electronics and transforming manufacturing towards intelligence [1]

Core Viewpoint - The company, Aerospace Intelligence, has announced its earnings forecast for the fiscal year 2025, projecting a net profit attributable to shareholders between 790 million to 910 million yuan, indicating a year-on-year growth of 0% to 15% [2] Summary by Categories - **Earnings Forecast**: The company expects a net profit for 2025 to be in the range of 790 million to 910 million yuan [2] - **Growth Projection**: The anticipated growth rate for the net profit is between 0% and 15% compared to the previous year [2] - **Disclosure Date**: The earnings forecast was disclosed on January 15, 2026 [2]

Core Viewpoint - The company, Aerospace Intelligent Manufacturing, forecasts a revenue increase of over 10% for the fiscal year 2025, despite facing challenges such as increased market competition affecting profit margins [2] Financial Performance - The projected operating revenue for 2025 is estimated to be between 8.558 billion yuan and 9.337 billion yuan, compared to 7.780 billion yuan in the previous year, indicating a growth of over 10% [2] - The net profit attributable to shareholders is expected to range from 791.71 million yuan to 910.47 million yuan, remaining stable or growing by 0% to 15% compared to the previous year [2] - The net profit after deducting non-recurring gains and losses is projected to be between 679.93 million yuan and 793.25 million yuan, reflecting a change of -10% to 5% from the previous year's 755.47 million yuan [2] Reasons for Performance Changes - The company emphasizes a work principle of "seeking progress while maintaining stability," which aims to drive steady revenue growth [2] - Increased market competition has led to a decline in gross profit margins, resulting in profit growth lagging behind revenue growth [2] - Non-recurring gains and losses are expected to impact net profit, with an estimated amount of approximately 100 million yuan for 2025, significantly up from 36.24 million yuan in the previous year, primarily due to increased gains from the disposal of non-current assets [2] - The indirect wholly-owned subsidiary, Chengdu Aerospace Molding Nanjing Co., Ltd., recognized approximately 63 million yuan in gains from the disposal of non-current assets following government relocation [2]

Group 1 - The company is currently focusing on its core business areas, which include automotive parts, oil and gas equipment, and high-performance functional materials [1] - The company will continue to monitor and research opportunities in the commercial aerospace sector, leveraging its technological expertise and market conditions [1]

Group 1 - Nanda Optoelectronics is a core enterprise in the semiconductor materials field, focusing on the R&D and mass production of ArF photoresists, having achieved breakthroughs that disrupt the monopoly of Japanese and American companies in the mid-to-high-end photoresist market [1][38][39] - The company has established deep cooperation with foundries in the Yangtze River Delta and has successfully validated its ArF photoresist for 28nm processes, leading to significant order growth and capacity expansion following the introduction of U.S. semiconductor tariffs in 2026 [1][39] - The National Big Fund has provided financial support for its photoresist projects, enhancing its first-mover advantage in the domestic photoresist market [1][39] Group 2 - Tongcheng New Materials, based in Shanghai, is a leading domestic rubber additive company that has entered the photoresist market through the acquisition of Beixu Electronics, focusing on the R&D and production of KrF photoresists [2][40] - The company has established stable partnerships with major domestic foundries, achieving large-scale production of KrF photoresists widely used in memory chips and power devices [2][40] - Plans for an H-share listing in 2026 aim to raise funds for high-end photoresist R&D and capacity expansion, further enhancing its competitive edge in the domestic market [2][40] Group 3 - Dinglong Co., headquartered in Wuhan, is a leader in printing and copying consumables, diversifying into semiconductor materials with a focus on polishing pads and supporting materials for photoresists [3][41] - The company has established close cooperation with major foundries like SMIC, achieving import substitution for its CMP polishing pads, which supports its photoresist business [3][41] - Following the U.S. semiconductor tariffs, there has been a surge in demand for localized supporting materials, leading to increased orders for its photoresist and related products [3][41] Group 4 - Yake Technology, located in Jiangsu, has entered the semiconductor photoresist market through the acquisition of South Korea's UP Chemical, focusing on KrF and ArF photoresists [4][42] - The company has integrated the technical advantages of the Korean team with domestic market resources, positioning itself as a core supplier of mid-to-high-end photoresists in the global semiconductor supply chain [4][42] - The electronic specialty gas business complements its photoresist offerings, providing a one-stop material solution for foundries [4][42] Group 5 - Dongcai Technology, based in Sichuan, specializes in high polymer resin materials for photoresists, leveraging its chemical industry foundation in the Southwest [5][43] - The company has achieved batch supply of resin products for various photoresist models, including G/I line and KrF, validated by multiple domestic photoresist manufacturers [5][43] - The demand for localized raw materials has surged following the U.S. semiconductor tariffs, leading to increased production capacity and a focus on high-end resin materials for ArF photoresists [5][43] Group 6 - Lianhong New Materials, located in Shandong, produces core raw materials such as monomers and solvents for photoresists, achieving low-cost production with quality meeting import standards [6][44] - The company has established long-term partnerships with downstream photoresist manufacturers, enhancing product adaptability and market share [6][44] - The acceleration of domestic substitution due to U.S. tariffs has led to a significant increase in orders for its photoresist raw materials [6][44] Group 7 - Shengquan Group, based in Shandong, focuses on developing phenolic and epoxy resins for photoresists, achieving breakthroughs in green and high-performance materials [7][45] - The company has become a core supplier for downstream photoresist manufacturers, benefiting from the growing demand for upstream resin materials following the U.S. semiconductor tariffs [7][45] - Increased R&D investment aims to develop high-end resin materials for KrF photoresists, further extending its position in the semiconductor materials industry [7][45] Group 8 - Shanghai Xinyang, a leader in semiconductor cleaning liquids, has diversified into the photoresist market, focusing on G/I line and electroplating photoresists [8][46] - The company has achieved large-scale production of G/I line photoresists, becoming a major supplier for domestic packaging applications [8][46] - The introduction of U.S. tariffs has accelerated the domestic adoption of photoresist materials, significantly increasing order volumes for its products [8][46] Group 9 - Jingrui Electric Materials, located in Jiangsu, is a leader in microelectronic materials, with its photoresist business covering multiple models including G/I line and KrF [9][48] - The company has accumulated extensive experience in photoresist R&D and production, with KrF photoresists entering the customer validation phase [9][48] - The U.S. semiconductor tariffs have led to a significant increase in domestic procurement of photoresists, resulting in notable revenue growth for the company [9][48] Group 10 - Huamao Technology, based in Fujian, has entered the photoresist market through the acquisition of XuZhou Bokan, focusing on ArF photoresist R&D [10][49] - The company aims to leverage its technical reserves to achieve breakthroughs in the production of mid-to-high-end photoresists, particularly in automotive semiconductor applications [10][49] - The acceleration of domestic substitution due to U.S. tariffs positions the company favorably in the ArF photoresist market [10][49] Group 11 - Jingfang Technology, headquartered in Jiangsu, specializes in semiconductor packaging and testing, relying on photoresists as a core consumable in its processes [11][50] - The company is enhancing cooperation with domestic photoresist manufacturers to optimize supply chain costs amid the push for domestic substitution [11][50] - The growth in demand from automotive electronics and AIoT sectors is driving the expansion of its packaging business, indirectly benefiting from the photoresist market [11][50] Group 12 - Xinlai Yingcai, based in Jiangsu, is a leader in ultra-pure fluid equipment, providing clean production equipment for photoresist manufacturing [12][51] - The company is expanding its product offerings to include ultra-clean equipment suitable for ArF and EUV photoresist production [12][51] - The demand for clean equipment has surged following the U.S. semiconductor tariffs, leading to significant order growth [12][51] Group 13 - Hubei Yihua, located in Hubei, is a leader in basic chemicals, producing raw materials for photoresists such as chlorobenzene and phosphorus trichloride [13][53] - The company has achieved large-scale production of photoresist raw materials, benefiting from the growing demand for localized supply following U.S. tariffs [13][53] - Its integrated chemical industry advantages help reduce production costs, enhancing its competitiveness in the photoresist supply chain [13][53]